Japan Real Estate Market Quarterly Review-Fourth Quarter 2021

金融研究部主任研究員佐久間誠

Summary

Macro Economy

Japan’s real GDP is expected to grow by 1.4% q-o-q (annualized 5.6%) in Q4 2021 driven by a strong rebound of private consumption after the lift of state of emergency.
Japan’s real GDP is expected to expand by 2.7% in FY2021, 2.5% in FY2022 and 1.7% in FY2023.

Real Estate Market

In Tokyo Grade-A office market, the rise in vacancy rates has paused, but rents continued to fall, reaching the level of Q4 2014.
Multifamily rents in Tokyo declined modestly as Tokyo population outflow continued.
Hotels and retails recovered sharply following the lift of the state of emergency declaration.
In major logistics markets, supply-demand balance remained favorable.

Capital Market

J-REIT Index declined by 0.3% q-o-q in Q4 2021, trading at price to NAV ratio at 1.1x, dividend yield at 3.5% and dividend and JGB spread at 3.4%.
J-REITs acquired property assets totaling JPY1,597billion in 2021 (15% increase y-o-y).

This report includes data from various sources and NLI Research Institute does not guarantee the accuracy and reliability. In addition, this report is intended only for providing information, and the opinions and forecasts are not intended to make or break any contracts.

日付	タイトル	執筆者	媒体
2025/08/29	成約事例で見る東京都心部のオフィス市場動向（2025年上期）－「オフィス拡張移転DI」の動向	佐久間誠	不動産投資レポート
2025/06/23	インフレ時代にオフィス市場で普及が進むと期待されるCPI連動条項	佐久間誠	不動産投資レポート
2025/05/13	Japan Real Estate Market Quarterly Review-First Quarter 2025	佐久間誠	不動産投資レポート
2025/03/07	ホテル市況は一段と明るさを増す。東京オフィス市場は回復基調強まる－不動産クォータリー・レビュー2024年第4四半期	佐久間誠	基礎研マンスリー

日付

タイトル

執筆者

媒体

2025/08/29

成約事例で見る東京都心部のオフィス市場動向（2025年上期）－「オフィス拡張移転DI」の動向

佐久間誠

不動産投資レポート

2025/06/23

インフレ時代にオフィス市場で普及が進むと期待されるCPI連動条項

佐久間誠

不動産投資レポート